ANNUAL MEETING OF THE STOCKHOLDERS OF THE PACIFIC PRESS PUBLISHING COMPANY.
THE Annual Meeting of the Stockholders of the Pacific Press Publishing Company was held in our new, tho unfinished, building, January 30, 1907. Coming immediately after the conference in San Jose, there was a large representation, and a larger number of shares of stock were represented than at any meeting for years, much of the stock being held by the Pacific Press Publishing Association.
The president, H. W. Cottrell, presided, and opened the meeting with appropriate remarks referring to the special meeting that was held September 10, at which quite full reports were given of the fire and the loss which came in consequence, and stated that the financial and industrial condition of the institution would be shown by the reports which followed.
The treasurer, H. G. Childs, rendered a very full and complete report of the financial condition of the institution, which, notwithstanding earthquake and fire, showed a working profit of 991.60.
The manager presented a very full report, only a synopsis of which we give on account of lack of space.
After a warm greeting to those who were there gathered at the thirty-second annual session of the stockholders of the company, he referred to the events of the past year which have been fully set before the readers of this paper, and the telegrams and letters of condolence and expressions of sympathy and offers of help that came from every quarter. He also referred to the special meeting of September 10, at which it was decided to rebuild the Pacific Press, altho the inventory showed a deficit of over thirteen thousand dollars.
Alluding to the $150,000 fund which the General Conference is now raising, it was stated that $20,000 of this is to go to the Pacific Press, altho it is really felt that we need from $50,000 to $100,000. Of our insurance, $72,500 was realized. Not only was the factory destroyed, but the entire stock of books, printing-paper, etc., was consumed, entailing a net loss of about $200,000. The insurance was used in the rebuilding and in the purchase of new machinery.
Referring to the factory, he said it was a building 127 by 171 feet, one story high, covered and lined with rolled steel, or corrugated iron. The building has a wood floor on concrete, giving no place in the entire building for the storing of material to make a fire trap, the concrete foundation also making a splendid base for machinery.
Stockholders' Meeting in New Building.
The strictest economy has been used in the building, and the convenience of the factory is much greater than that of the one which was burned.
He also referred to the splendid spirit of sacrifice that has been manifested, not only on the part of those who had charge of the work, of which Brother A. O. Tait was superintendent, but other employees, both in the factory and upon the building, had worked for much less wages than they could have received elsewhere.
Much of the machinery that seemed after the fire fit only for the junk pile has been repaired with comparatively little cost. The large SIGNS perfecting press is ready for operation.
Since the fire, business has been carried on in the temporary structures, at a great disadvantage, and yet two presses and two linotypes have been constantly at work, printing in the last few months, since the temporary factory started, 553,000 copies of the SIGNS OF THE TIMES, and 476,000 copies of "Our Little Friend." Besides this, 45,500 copies in the aggregate of fourteen different books have been issued, ranging all the way from 108 pages to 772 pages, each in editions varying from 1,500 to 5,000; and tracts and pamphlets to the number of 451,000 copies have been printed, besides a large amount of booklets, circulars, advertising matter, etc., for our various institutions and tract societies. Twenty-five thousand copies of books have been issued by our branch office in Kansas City. Twelve books, ranging in size from 128 pages to 736 pages are under way.
The office has decided to take charge of issuing publications in the Spanish, and "Coming King," "Christ Our Saviour," and "Gospel Primer," are ready. "New Testament Primer" in Spanish will soon be issued.
The responsibility of printing school textbooks for our church schools and colleges has been undertaken, and a graded series of readers is now in hand, three of which are ready for delivery, having received the highest commendation from leading educators.
The chairman referred to the greater cost of material and the necessity of raising prices on publications so that they could be issued at a fair profit to those who handle them.
No work has been done commercially since the fire, and the entire office force is giving its time and attention to religious work. All the employees of the institution are throwing their whole heart into it, and laboring most earnestly, faithfully, and successfully.
Thru the sale of our property in Oakland, the interest-bearing debt of the institution has been materially reduced, and this reduction we hope to continue. Last September our balance sheet showed a deficit of $13,000. Thru the reclamation of machinery that seemed to be worthless at that time, advance in the price of real estate, cash discounts, etc., the deficit has been reduced to about $1,000. Notwithstanding the fearfully inconvenient and discouraging circumstances consequent upon the earthquake and fire, the treasurer's report showed a balance on the right side of the ledger of $991.36. Our branch offices have done well. Our Kansas City Branch made the best record in its history. There was also a gain in our Portland office. When the new plant is installed in our new building, laboring under much better environments and advantages, we hope to make a material gain in operating expenses all around.
Earnest efforts are being made to increase the weekly circulation of the SIGNS OF THE TIMES to 100,000 copies. This is a great thing to accomplish in one year, and we would feel that it was utterly beyond us were it not for the cooperation that is being manifested on the part of our friends thruout the entire field.
The majority of the shares of the stock of the old Publishing Company which have been so scattered by the death of the older stockholders, has been transferred to the new association organized to conduct the business of the company as soon as the transfer can be made. And the chairman suggested that urgent, well-directed steps should be taken within this year to complete the transfer, if possible.
The manager expressed his appreciation, personally, of the harmonious relations that had existed in the Board of Directors, and for their help and hearty cooperation during the trying ordeal thru which we have passed. "And above all do we wish to return praise and thanksgiving to our kind and loving heavenly Father, who, thru all these trying circumstances, has never left nor forsaken us, and who, thru His kind providence, is already13turning this calamity into a great blessing. It is our prayer that God may guide in all the plans that may be laid at this meeting, and that the coming year may be one of great prosperity."
Committees on plans and nominations were, by vote of the stockholders, placed in the hands of the chairman, and duly appointed. The report of the committee on plans was presented in a series of resolutions covering the following topics:
Thanksgiving for God's help and blessing which has been with us from the time of the fire; for the kindly sympathy and spirit of true helpfulness manifested by those outside of our people, as well as those among us; for the progress which has been made in the erection of the building, notwithstanding the abnormal conditions of transportation; for the spirit of earnest zeal and sacrifice on the part of our employees; for all the omens of good, and the spirit of cooperation from the great field.
Action was taken instructing the Directors that inasmuch as all outside commercial work had been eliminated from the factory, they work to the end of placing all our publications on a fair margin of profit to the publishing house.
The stockholders expressed themselves heartily in favor of the plan of raising the regular circulation of the SIGNS to 100,000 copies, and pledged their hearty cooperation to the work; and not only that, but to do all in their power to circulate religious publications of every kind to meet the great need of the world at the present time.
In accordance with legal advice, a resolution was adopted giving the Directors power to transfer the entire plant of the corporation to the new corporation which had been organized, the Pacific Press Publishing Association. It is hoped to bring this about within the present year. The new association at its meeting, passed a complementary resolution to purchase the plant of the Pacific Press Publishing Company. Most of the known stockholders of the old company have already transferred their stock, and it is believed that the remaining ones will do so soon.
As to the new factory, the stockholders expressed themselves in this resolution:
"Resolved, that we express our hearty approval of the substantial and economical manner in which the new factory is being built, and rejoice in the prospect of having a convenient, comfortable building at moderate cost."
Upon this experts and good judges of building expressed the most hearty approval, and felt that the building was in every way worthy of its design.
A resolution of respect was also passed upon the death of Elder W. N. Glenn, which has before been published in the SIGNS.
Committee on nominations reported the following names for Directors: H. W. Cottrell, M. C. Wilcox, C. H. Jones, H. H. Hall, A. O. Tait, E. A. Chapman, and H. G. Childs. The organization of the Board was given in our last issue, the first named as president, the third, C. H. Jones, as vice-president and manager; secretary and treasurer, H. G. Childs.
Never, it may be said, has a more harmonious meeting of stockholders of the Pacific Press been held. The year of calamities thru which we have passed has brought hearts closer together, and bound them in stronger bonds for the prosecution of the Master's work. The Directors of the company look forward hopefully to the year to come, determined persistently to use the same faithful, Christian economy in the Master's work, and the same untiring diligence in the propagation of the message for which the office was founded. For these things we ask the prayers of our readers.
